PRESS RELEASE. Treviso May 8th, Summary

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1 Treviso May 8th, 2015 PRESS RELEASE De'Longhi S.p.A.: The Board of Directors approved today the first quarter 2015 consolidated results of the De Longhi Group. Revenues grew 9.0% at current exchange rates to million (+6.2% at constant exchange rates) 1 ; EBITDA (before non-recurring items) increased by 2.6% to 47.3 million ( 62.9 million at constant exchange rates), equivalent to 12.8% of revenues; net income reached 17.4 million (4.7% of revenues); net financial position is positive by million. Summary The first quarter 2015 revenues increased 9.0% at current exchange rates to million (+6.2% at constant exchange rates); EBITDA before non-recurring items improved by 2.6% reaching 47.3 million, or 12.8% of revenues, compared to 46.1 million in 2014 (13.6% of revenues), despite a negative foreign exchange impact worth million; EBIT stood at 35.1 million (9.5% of revenues), versus 35.4 million in 2014 (10.5% of revenues); net income reached 17.4 million ( 17.1 million in Q1 2014), despite the negative foreign exchange impact on the Group s operating margins; net financial position is positive by million, (compared to a negative net financial position of 54.6 million as of March 2014) The Board of Directors approved today the first quarter 2015 consolidated results of the De Longhi Group. Consumption trends during the first quarter were overall positive, although there are still uncertainties in many markets. Prices and volumes both contributed positively to the organic Group performance. Foreign exchange (FX) impact was still very pronounced, even if with an opposite effect on revenues and on margins: on revenues, the widespread depreciation of the Euro led to a 1 Figures at constant exchange rates are obtained by subtracting from the reported Q figures the net effect of foreign exchange fluctuations and of hedging put in place by the Company. 1 / 8

2 positive FX impact, more than compensating the sharp devaluation of the Russian Ruble and of Ukraine s Hrivnia; on margins, on the contrary, the strong appreciation of the US Dollar as well as of the Chinese Yuan (currencies in which a large part of production costs are denominated) led to a significant negative impact, partially mitigated by the Group s hedging activities. In such an environment, the Group commercial initiatives led to the launch some important new products, such as the new Braun-branded ironing systems as well as the new Lattissima Touch capsule coffee machine. revenues Net consolidated revenues increased by 9.0%, from million to million; at constant exchange rates, revenues grew by 6.2%. The first quarter recorded a strong performance of espresso coffee makers, up double-digit, led by fully automatic machines, by traditional espresso machines as well as by internally-manufactured capsule machines (Nespresso Lattissima range and Dolce Gusto Jovia), also thanks to new product launches (such as the new Lattissima Touch). Food preparation and cooking products were positive as well, thanks to a strong contribution from fryers (including also the new multi-cooker model) and from the breakfast products (kettles and toasters). Ironing experienced a double-digit growth, more than compensating lower revenues in the floor care products, while, in the comfort segment, a good growth of mobile air conditioning products more than compensated lower revenues from heating appliances. From a geographic perspective, revenues in Europe increased by 7.8%, although with a different contribution from the two macro-regions: the North-East Europe area recorded lower revenues (-3.6%), mainly due to Russia and Ukraine; excluding the impact of lower revenues in Russia (although about stable in local currency) and Ukraine, the area grew by 6.8%, led by UK and Poland. South-West Europe area revenues grew substantially, with a +15.4% increase, thanks to a strong contribution from Italy, Germany, Switzerland, Austria, Spain and Portugal, all up double-digit. The APA area (Asia-Pacific-Americas) revenues grew +15.5%, driven by Australia and New Zealand, USA, Mexico, Brazil, China and Hong Kong. 2 / 8

3 Slightly positive contribution from the MEIA region, (mainly thanks to Saudi Arabia and UAE) which is still impacted by political tensions in several countries of the region. operating margins During the quarter, operating margins were affected by a very negative foreign exchange impact (although partially mitigated by the hedging in place), which was anyway compensated thanks to higher sales volumes and a positive price effect. The net industrial margin, as a consequence, increased in absolute terms to million, about stable as a percentage of revenues at 47.5%, versus 47.6% in EBITDA before non-recurring items reached 47.3 million, up by 2.6% from 46.1 million in 2014, decreasing, as a percentage of revenues, from 13.6% to 12.8%. Such result is particularly positive considering the material adverse foreign exchange impact worth million; at constant exchange rates EBITDA before non-recurring items would have reached 62.9 million (17.5% of revenues). EBIT equaled to 35.1 million (or 9.5% of revenues), slightly down from 2014 ( 35.4 million, or 10.5% of revenues) due to higher D&A charges ( 12.2 million versus 10.7 million in Q1 2014), a consequence of the investments carried out during the 2014 fiscal year (linked mainly to manufacturing plants in China and Romania). Q Q M % of revenues M % of revenues Net industrial margin % % EBITDA before non recurring items % % EBIT % % net financial charges net income net financial position Net financial charges slightly decreased from 2014 ( 10.9 million from 11.6 million in Q1 2014) mainly due to lower financing charges and securitization costs. Net income pertaining to the Group slightly increased form 17.1 million in 2014 to 17.4 million in 2015, or 4.7% of revenues, despite the negative foreign exchange impact on the Group s operating margins. The net financial position (NFP) is positive by million, with a net Q1 cash flow of million; over the 12 months (March 2014 March 2015) the net cash flow is positive by million. 3 / 8

4 The net financial position versus banks and third-party lenders (which excludes 6.9 million of accounting entries related to the potential earn-out linked to the Braun deal and the fair value of derivatives and options) as of March 31st 2015 is positive by million, compared to 4.6 million as of March 31st 2014 and to million at the end of December net working capital Net working capital recorded a slight decrease in absolute terms versus Q reaching million, compared to million as of March 2014, despite higher revenues. Net working capital as a percentage of rolling revenues improved from 17.0% to 15.6%. Events occurred after the end of the period Foreseeable business development No relevant events occurred after the end of the period. The first quarter of 2015 was characterized by a positive trend of organic revenues. Nevertheless, a particularly adverse foreign exchange impact limited the operating margins growth, despite some protection deriving from hedging. Higher sales volumes and a positive price effect allowed the Group to improve both the net industrial margin and EBITDA in Q1, in line with internal projections; such performance strengthens management s confidence to meet the 2015 targets for top line and margins growth, namely a mid/high single digit revenues growth and an increase of EBITDA in absolute terms. Declaration of the manager responsible for the company's accounts The manager responsible for the preparation of the company's accounts, Stefano Biella, hereby declares, as per article 154 bis, paragraph 2, of the "Testo Unico della Finanza", that all information related to the company's accounts contained in this press release are fairly representing the accounts and the books of the company. The Company highlights that the first quarter report, in compliance with art. 154-ter, comma 5 of T.U.F., is unaudited. 4 / 8

5 Contacts for analysts and investors for the press on the web Investor Relations: Fabrizio Micheli, T: Marco Visconti, T: Valentina Zanetti, T: / 8

6 A N N E X De'Longhi S.p.A. Consolidated Financial Statements as of March 31st 2015 Consolidated Income Statement Euro million Q % of revenues Q % of revenues Net revenues % % Change % Materials consumed and other production costs (services and production payroll costs) (193.2) (52.5%) (177.1) (52.4%) Net Industrial margin % % Cost for goods and services and other costs (87.9) (23.9%) (78.0) (23.1%) Labour cost (non industrial) (40.0) (10.8%) (36.9) (10.9%) EBITDA before non-recurring items % % Change % Non-recurring items % (0.1) (0.0%) EBITDA % % Change % Amortization (12.2) (3.3%) (10.7) (3.2%) EBIT % % Change (0.3) (0.7%) Net financial charges (10.9) (3.0%) (11.6) (3.4%) Profit before taxes % % Taxes (6.9) (1.9%) (6.6) (1.9%) Profit / (Loss) of the period % % Profit (loss) pertaining to minority interests (0.1) (0.0%) % Profit (loss) pertaining to the Group % % 6 / 8

7 Consolidated Balance Sheet Euro Million Change Change intangible assets (1.9) (0.2) - tangible assets financial assets deferred tax assets Fixed assets inventories trade receivables (1.4) (94.2) - trade payables (328.4) (294.4) (382.5) (34.0) other net current assets / (liabilities) (48.3) (25.9) (65.2) (22.4) 16.9 Net working capital (4.5) deferred tax liabilities (25.6) (12.3) (20.2) (13.3) (5.4) - employee benefits (41.0) (30.0) (39.3) (11.0) (1.7) - other non-current liabilities (46.1) (51.2) (46.0) 5.1 (0.0) Non-current liabilities (112.6) (93.5) (105.5) (19.1) (7.1) Net invested capital Net debt / (net cash) (150.1) 54.6 (89.0) (204.7) (61.1) Total shareholders equity Total net financial position and shareholders equity / 8

8 Consolidated Cash Flow Statement Euro million (3 months) (3 months) (12 months) Cash flow from operations Cash flow from changes in working capital (21.8) (61.0) (46.7) Cash flow from investments (12.4) (14.4) (60.8) Operating cash flow 1.1 (41.0) Dividends - - (59.8) Change in Fair value and Cash flow hedge reserves 26.0 (4.9) 19.4 Changes in currency translation reserve Cash flow from other changes in the net equity (0.1) Cash flow from changes in the net equity 60.0 (4.5) (9.8) Net cash flow 61.1 (45.5) 98.0 Opening net financial position 89.0 (9.0) (9.0) Closing net financial position (54.6) 89.0 Revenues Breakdown by Geography Euro million Q % Q % Change Change % North-East Europe % % (3.3) (3.6%) South-West Europe % % % EUROPE % % % MEIA (Middle East / India / Africa) % % % APA (Asia / Pacific / Americas) % % % Total revenues % % % 8 / 8

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